Essays on Oligopoly

The objective of every firm is to sell its products or services at a profit to as many customers as it can attract. However, because there are many firms selling the same or similar products and services, each one of them tries to outdo each other using various strategies. The most common strategies include manipulating prices, being innovative, and offering excellent services. As companies compete, customers derive some benefits such as lower prices, higher quality of goods, excellent services, and efficient allocation of resources. Competition is responsible for creative destruction where firms that fail to become innovative are driven ...

Analysis

A monopoly is when a single business or other organization has complete command and control over a market. It does not mean that they are the only competitor in play. However, it does mean that the single organization in question is not in any way threatened or competed with given the conditions of the market in question. Generally, monopolies are illegal. This is due to the Sherman Anti-Trust Act that was passed in 1890. That law can be used as a means to break up companies that are seen as monopolies. Precisely this was done with Standard Oil Company ...

Global Marketing Strategy – Coca Cola

Coca Cola, generally referred as Coke, is an American non-alcoholic carbonated drink produced under the brand The Coca-Cola Company. The drink was introduced about 130 years ago by John Pemberton as a patent medicine and later, the brand was bought by Asa Griggs Candler, and Coca Cola was then marketed as a soft drink. Candler’s marketing tactics brought Coca Cola in the limelight and the brand dominated the global markets and went on to become the largest non-alcoholic drinks brand in the world. The name Coca-Cola, comes from the two words, Coca which means leaves and Kola which ...

Introduction

Perfect competition, monopolistic competition, monopoly and oligopoly are different forms of markets, which consists of different features in terms of competitiveness, liquidity, efficiency. The competitiveness of each market type has an impact on the decisions made by the financial managers. Each market presents different challenges for firms operating in the markets and finance managers need to identify these challenges and counter with effective strategies. Finance managers operating in different forms of market competition need to consider different challenges that come along with the different market forces. This paper will analyze the biggest challenges faced by finance managers in different ...

Introduction

An organization is regarded as an entity that is made up of people with a collective objective and is connected to the external environment. Hence, a business organization is a group of people collaborating to achieve a commercial objective (Handy, 2005). Toyota Motor Corporation is a Japan based auto manufacturing company with its headquarters in Toyota, Aichi. The company was ranked as the 13th largest in the world in terms of their revenue. It was the largest automotive manufacturer in 2010 ahead of the Volkswagen group and the general motors in terms of their production. The Toyota motor company ...

Introduction

Firms in different industries across Australia operate in varying market structures including oligopoly, monopoly, and monopolistic markets. Monopoly firms include Telstra, a telecommunications company that has over the years proved to be the dominant supplier of the internet and mobile services. Grocery supermarkets including Aldi, Woolworths, and Coles operate in oligopoly structures where they have dominance over smaller grocery retailers. Firms operating in the monopolistic structure include restaurants and hairdressing shops where firms aim at expanding their market share through product differentiation. The paper, therefore, uses examples drawn from Australian markets to discuss various market structures.

Oligopoly market structure in Australia

The grocery retail ...

The coffee industry in developed countries is traditionally perceived as prosperous and stable. Also, the coffee business grows in developing countries, but this stability is apparent. Fluctuations of minimum coffee prices create serious difficulties for countries, which economies are directly dependent on coffee production. It happened that coffee sector in Mexico faced the crisis due to the evanescence of control tools, the decrease of prices, the insolvency of numerous local and global exporters, the shortage of loans, and the removal of the government from the coffee segment changed the situation in the industry (Renard, 2010). Before the crisis many ...

Introduction

Takezo Takada was a visionary man who started the company in 1933, which only became Takata Corporation in the 1980s. It first ventured on textiles at the Shiga Prefecture in Japan but later shifted to automotive safety items in the 1950s. Today, Takata is the world’s leading manufacturer of automotive safety systems, with a capitalization of ¥41,862 million and 50,539 employees spread throughout the major cities of the world, operating 58 manufacturing plants in about 21 countries (Takata Corporation, 2015). Its corporate governance involves a centrally integrated system, with regional and international offices. It has regional ...

1. Fixed costs are costs that are not directly changed by increasing or decreasing the scale of production in the short term. They take a place even in the case when the company produces nothing, that is, their value does not depend on production volume. The types of fixed costs: depreciation, rents, costs of capital repairs, the percentage of the loan for the purchase of equipment, payment of taxes, insurance premiums, administrative expenses etc. On the other hand, variable costs are such costs, the value of which directly depends on the scale of production. The types of variable costs ...

Q1a. From the information contained in the case study above, conduct an analysis of Tesco’s external environment using the STEEPLE model. Your analysis should cover and identify each of the factors as they relate to the case study. (16 marks)

The external environment of a business can be evaluated using a STEEPLE model, which incorporates seven external factors; sociological, technological, economic, environmental, political, legal and ethical (Block 1, Reading 5, p. 34). Here is a brief analysis of Tesco according to the STEEPLE model;

Sociological factors

The variety of business in the UK and across the world is going through ...

Each student will submit a 2500 words (including exhibits) Business Plan for their Simulation Company.  Use Times Roman 11 font, 1 inch margins, double spaced.  The business plan should provide the Board a report on your strategic decisions, with an account of your performance state, and your plan for the future.  Specifics of your decisions over various quarters, assessment of those decisions, and how you stand vis-à-vis competition should be included.  Use the following headings and subheadings to organize your Business Plan:

            2) Strategy of the Firm – SWOT, STEEP and Competitor Analysis             3) Analysis of current situation and ...

Introduction

In simple terms, imperfect competition can be referred to as a type of market structure that does not operate in conformity with the laid rules of perfect competition. In imperfect competition, there are so many barriers that prevent fair competition among the market players and also the accessibility to goods by users is limited and not all transparent. Limitations and barriers to such a market may include: prices being influenced by one or a few suppliers, barriers to the entry and exit of a market are quite significant and information about products and their pricing is very limited. Examples ...

Does the Dominance of the Big Four Supermarkets Hinder and Damage Competition and What is in the Best Interest of the Consumer?

Introduction

Competition is the best way of ensuring the interest of market stakeholders (Stucke, 2013). Competition in the UK grocery sector has become an issue with the big four supermarkets controlling around 71.7 percent of the market. As of the end of 2015, the individual market shares of the big four supermarkets are 27.9 percent for Tesco, 16.6 percent for J Sainsbury’s, 16.4 percent for Asda, and 10.8 percent for Morrisons (Kantar World Panel, 2016). The UK ...

Introduction

Price was and remains the main tool that provides a proportional development of production and unity of interests of market relations. Basis for analyzing the structure of the economy, its challenges, opportunities and prospects for socio-economic development is based on the identification of the essential features of pricing, determining the structure of prices, price proportions. Successful economic development of any country or subject of a market economy depends on clear and effective functioning of the price, because they reflected the entirety of economic relations and the relationship between members of social production. This is possible if the mastery of ...

What is a cartel? (5 marks)

The companies in a market might collude to set the prices by making explicit or implicit agreements between them on the market price, sharing the market geographically, or controlling the quantity supplied in the market. The agreement between the companies in a specific market might create an oligopoly behaving like a monopoly. The companies might set the price, and all the agreement partners might obey the agreement. If the companies can create a large market power, they might behave like one monopolist. Cartel is the situation of existence of an explicit or implicit agreement between the companies in a ...

American Public University

Collusion is possible in any market because the perfect competition market assumptions are not realistic, and some companies might find opportunities to get the monopoly power in the market. In the toy market, the three big players have dominated the other players in the international markets, and they have arranged hidden agreements among themselves for fixing the prices in the particular geographically separated markets. Also, they have shared the markets thematically. The three companies were working at the large scales, and they have developed the new production technologies. In another word, these three companies have the knowledge of production ...

Market Structure

In simple terms, market structure refers to the classification of the various types of markets, based on their unique features on how they allocate prices of a given product in the market. The aspect is primarily classified into two, which include perfect and imperfect market.

Oligopoly

Refers to a type of market structure where there are few sellers in a given economy with many buyers for the commodity. With oligopoly, the sellers have an influence on the commodity price in the market and can significantly affect competition. An example of a company to indicate the above case is the mobile ...

Two of the top companies in the low-calorie frozen, microwavable food industry

In modern life, people are becoming busier, thus, they spend very little time for traditional cooking. Due to growing demand for convenient food and thanks to the development of advanced technology, microwave becomes a useful and common tool in kitchen which helps people to save a lot of cooking time and effort as well as preserve the taste of food. The prevalent use of microwave in every household leads to the growing need for microwavable food. For this reason, many low-calorie frozen, microwavable food companies are found to provide high quality food with convenient way of cooking . At the ...

Abstract

Market structure refers to the interaction between various buyers and sellers. Different market structures have different characteristics. The characteristics of the market structure determine the realized outcomes. There are three main market structure: perfect competition, oligopoly, and monopoly. Perfect competition has many sellers. Therefore, they do not have any market power. They cannot influence market outcomes. An oligopoly has few firms with some market power. They can influence the outcomes. Monopoly comprises of only one firm with absolute market power. Therefore, it can influence the realized outcomes. This paper highlights the characteristics of the various market structures. It then ...

1. Introduction The Organization of the Petroleum Exporting Countries – OPEC coordinates and unifies the policies among the oil exporting developing nations. The increase oil production has an impact on the supply and demand side and impacts the prices and incomes of the OPEC countries. The examination will answer the research question what are the effects of increased oil production in the OPEC countries with the focus on the Middle East member countries.

Problem

The Middle Eastern countries with the production of oil impact the international price of oil and also their incomes. The OPEC countries, which are among the biggest ...

Tesla Motors Inc. is American energy storage and the automotive company that designs, manufactures and sells electric vehicle powertrain components and battery products. Tesla Motors is also a public company that trades on the NASDAQ stock exchange under the symbol TSLA (Carlson & Robertson, 2014). Tesla Motors company manufactures home and office battery charging equipment and has also installed a network of high-powered Superchargers across North America, Asia, and Europe. The company also operates a destination charging program where shops and restaurants among other venues are offered fast chargers for their customers. The market structure in which Tesla Motors competes ...

International Automobile Manufacturing Industry

Introduction The International Automobile industry is one of the biggest industries across the world. It has a wide range and top of automobile companies in terms of production including Toyota, Volkswagen, General Motors, Nissan, and Ford. It is expected that by 2020, around 90 million cars and commercial vehicles will be produced (Barnard). Top car manufacturing countries around the world including Japan, Germany, and the USA. (Statista a) Cars, as well as commercial vehicles, are being produced across the world. The following graph shows the proportion of car and commercial vehicles producing worldwide from the year 2000 to 2015: ( ...

Kroger Grocery Store operates in oligopoly market structure where there are a few large companies. The companies operating are such a market offer very close products or goods. It is worth to note that the level of competition in the market is very high. This is because each company is ever committed to responding to the action taken by the other company operating in the same market. For instance, if one company in the market designs a new product with unique futures the other companies respond to that act very fast so as to enhance competitiveness in the market. ...

Introduction

The US and global consumers shows different consumer behavior for products. The economy possesses the largest technology companies such as Google Inc. and Apple Inc. in the world.

High consumption of technology products in the US and all over the world.

The mobile phone industry is very innovative and important to the society. Product that I will be looking at is the iPhone and its rising demand in the US market despite the increased competition from Samsung Inc. iPhone has acquired the largest market share in the United States in spite of its price.

The paper discusses about the key players in the industry and their impact on product pricing, demand and supply.

iPhone’s influence in the industry and the forces that drive the demand and supply of the product.

Analysis

...

Day One: Perfect Competition

On the first day of the week, I went to the supermarket which is located close to my residence and I wanted to buy a packet of milk and some groceries. However, I decided to compare the prices of these two commodities between two supermarkets that are located adjacent to one another. I noticed that the price of milk was exactly the same in the two supermarkets, while that of groceries had a very small almost negligible difference between them. This is an example of a perfect competition whereby suppliers can only price their commodities at the same exact ...

The Name of Class

The Name of the School The City and States where it is located The petrol industry in the United Kingdom – UK, has seen various changes in the last ten to five years. The market shares and market structure will be examined in more detail for the last five years with representing the main changes in the petrol industry and market shares. The UK petroleum market is composed of various brands. Over the five years similar names have been present in the market. The shares of the petrol companies and retail companies have been changing along with the different composition ...

Introduction

Wal-Mart is the world’s largest retailer with more than 4,300 stores in the United States and over 8,000 worldwide, with global sales topping $400 billion in 2009. It is the largest retailer in the U.S., where more than half its revenue comes from grocery sales. This paper considers some of the retail giant’s negative impacts. Since opening its first store in Bentonville, Arkansas in 1962, Wal-Mart has steadily spread from its base in the South and Midwest to dominate the suburban and rural retail market across the U.S. Wal-Mart is addressing the first obstacle – store ...

Month Day, Year

Introduction This purpose of this report is to an analysis different market structures in my local city. The report will assist my mayor to know the kind of businesses in the city. I will analyze the four market structures that I learned in class and then relate them to my local city. The market structures include monopoly, a situation in which there is only a single firm in a particular industry. Oligopoly is the second market structure, where there are a few enterprises and many buyers in a certain industry. The third is monopolist competition, whereby many sellers offer ...

Study

CONTENTS

Introduction 3

Question 1 – Market Structure Definitions 4 Question 2 – Unique Resources of Quasar Computers 5 Question 3 – Oligopoly and Competition 6 Question 4 –Porter’s Generic competitive strategies for different types of the market 6 Question 5 – Porter Five Forces Ranking and Attractiveness of Perfect Competition for Computer Industry 8 Conclusion 9

References 10

Introduction Throughout the history of the humankind, different markets have been tested by the economies (Frank, 2008). Despite the fact that advantages of ones and deficiencies of others types of market have been respectively eulogized or vigorously criticized by the different scholars, the practice ultimately revealed that ...

Abstract

This case presents a classic duopoly situation. Two shipping firms are in the midst of a price war over the market of containerized shipping to and from a small Caribbean Island. The case presents a table of contributions to both firms, which depend on their respective prices. The tables of contribution serve as a major basis by the concepts of price leadership; prisoner’s dilemma and Nash equilibrium are explored. The main issues addressed in the case include competitive dynamics, international case, game theory, pricing, pricing leadership, and diversity case. The setting of the case is the transportation sector. ...

Distinguishing Features of Monopoly

A monopoly market is characterized by a single seller and a large number of buyers. The monopolist enjoys absolute market power. This is because there is no close substitute for the product. There are a number of factors that make a monopolist retain her market power. First of all, the monopolist may have the ownership of some strategic input required for the production of the good. This prevents any other manufacturer to produce the good as it will not have access to the input. Secondly, the monopolist may have innovated a new product and has taken the patent for ...

Introduction

In general, every firm possesses a specific market structure, which is mainly determined by the number of buyers, number of sellers, ease of entry or exit, and the degree of product differentiation (Arnold, 2010). The underlying determinants give rise to four types of market structures. These include perfect competition, monopoly, monopolistic competition, and oligopoly.

The short-run and long-run equilibrium for firms in a perfect competition industry is considerably different. Both short-run and long-run revenue data for a wheat farmer have been shown in table 1 and table 2 respectively.

In the long-run, it is assumed that the entry of new ...

Summary and perspectives

In chapter 10, the author discusses the concept of oligopoly and how it affects the environments where oligopoly is a characteristic. Under this circumstance, the people who come up with decisions ensure that strategies are brought into place. Moreover, the amount of funds given to the different players has come as a result of strategies made by the firm. To this extent, it should be noted that the payoffs given out as payments could result into two major scenarios. Losses or profits ensue as a result of the respective decisions made by industry players. There are different strategies that individual players can ...

GM is in the form of an oligopoly market structure this is where the companies are controlled by a few firms. This make it difficult for other firms to penetrate the industry because of the market barriers put in place (Dwivedi, 2010). In this market buyers are perfectly aware of prices, but there exist seller’s entry barriers. GM had been selling cars with faulty doors for the last three years. This is a clear indication that, GM market structure is not competitive. The situation is made worse by not having a firm that could have replaced GM faulty models. There is ...

Different Market Structures

- The different market structures are summarized in the table below (Template A). - Examples of different market structures

- Perfect competition – New York Stock Exchange In the NY stock exchange there are many small firms that offer the same type of services (brokerage). The fees charged by these firms have very little variance. There is also very little government intervention on how to compete in the market, and as such, any person can enter and exit the market at any time.

- Monopoly – Energy distribution Electricity distribution is a monopoly. Normally there is only ...

Monopolistic competitive markets and oligopoly are market structures. Monopolistic competitive market is a market structure with many buyers and sellers with differentiated products. The products are not close or perfect substitutes. In oligopoly, there are very few sellers in the market, therefore, becoming easier for them to inter relate easily with each other. (Tewari, 1996).The both have different features thus, becomes straightforward to distinguish them from each other.

An example of a monopolistic competitive market can be taken from the toothpaste industry. There are many different types of toothpaste and also many consumers. It is upon the strategies put in ...

Introduction

The analysis applies important microeconomic concepts capable of increasing the competitiveness of Kudler Fine Foods. Different organizations operate in different marketing structures depending on the type of business, size, and goods and products sold. According to Colander (2010), the four basic types of marketing structures that businesses currently operate on are oligopoly, monopolistic, perfect, and monopoly. Understanding competitive strategies adopted by Kudler Fine Foods assists in establishing the type of market structure where the company operates. Additionally, the analysis will discuss the effect of the chosen market structure on the organization and the relationship between the market structure and ...

The institutional affiliation

The four major market structures in the modern economic world are: perfect competition, monopoly, oligopoly, and monopolistic competition. Each one has strengths and weaknesses, opportunities and threats, so let us take a closer look at them.

Perfect completion is also called pure competition and is a benchmark where competition exists at its best level. Perfectly competitive market has large number of participants and none of them is large enough to influence the product price or its quality. In other words, there are so many sellers that neither price nor quality varies significantly. Pure competition market is easy to enter and exit ...

The product that I have chosen is Oil. Oil is a natural product that is found in oil wells in large quantities. The nature of oil found in these wells is crude and it has to pass through several refining processes, before the final product is obtained. Crude oil is used to create Jet Fuels, Motor Lubes, Petrol, Diesel, and other important products that are used by both the household consumers, as well as the industrial consumers. According to Economicsonline (2014), the use of Oil by the industrial organizations dates back to 18th century.

Source: Infomine, 2014

The graph above shows the trend ...

Four Market Structures

Perfect Competition – In this first market structure, identical products are being sold according to their market value (financetrain.com). There are low entry barriers to this market in which the only factor that determines the sale is the price. Given that there is no producer that can affect prices, there is a horizontal demand curve for such market. One example of this market structure is an agricultural crop that is only produced in certain region.

Monopolistic Competition – This market structure is similar with Perfect Competition as it also has low entry barriers for numerous firms. However, products are differentiated ...

Objectives

- Compare various market structures and their characteristics.

This objective’s aim was to help understand the various types of market structures namely; Oligopoly, Monopolistic competition, Perfect competition, Oigopsony, Monopoly and Monopsony. In evaluating the achievement of this objective, the group notes that the greatest difficulty in differentiating the types of markets was in the competitiveness of the different market structures. However, it was also pointed out that this differentiation could be clearly outlined in a sequence grouping the markets from the most competitive to the least competitive.

In this sequence, the most competitive market was found to be the ...

ECO/365

In this paper, the student discusses the different market structures with focus on the oligopoly market. The student identified he food processing industry as an oligopoly industry dominated by PepsiCo, Kraft Foods, and Nestle. Moreover, competitive strategies are presented for the maximization of profits in the long run as well as the strategies that the chosen organization (PepsiCo) might consider in maximizing profits.

I chose the food processing industry for the purpose of discussion in this paper. There are three world leading companies under this industry namely, PepsiCo, Nestle and Kraft Foods. It is stated in the book Rule ...

Abstract

The competitive nature of firms and their environment is important in establishing whether a market is a monopoly, a perfectly competitive, oligopoly or monopolistic competition. The antitrust laws are composed of four Acts of legislations that contribute towards the law. Antitrust laws focus on ensuring fair, transparent and competitive trade activities in all industries or markets. Industrial and social regulations are usually conducted by legally established bodies. The regulation is done according the kind of market structure. This is because different market structures have different characteristics. Therefore, the regulation must be tailored to suit the specific market problems. The regulatory bodies have ...

(a) The price in the market for this perfectly competitive from when p1, the firm would desire to sell over a hundred units. This is because the prices of single units would have gone down. The firm would sell more units with a tiny profit margin on each unit to make profits. The firm will then sell more units so that it can accumulate more profits and be able to stay in the business. Economically, the firm would not be making tangible profits because the margin on each unit is very small. If the firm does not have other products it is ...

Abstract

The paper dwells on general equilibrium theory by putting into perspective various critical issues. The origin of the concept of general equilibrium theory is illuminated dating back to neoclassical period. Moreover, various models such as Walras model of pricing and modern equilibrium model is also put into consideration. Finally, the importance and application of general equilibrium has also been discussed at length. General equilibrium theory refers to a concept modeled around theoretical economics. The modern general equilibrium takes into consideration three important interpretations which should be taken into consideration. The idea of general equilibrium theory cannot be complete when there ...

INTRODUCTION

In this information age, the digital revolution has transformed the industry to an information based economy. Since the late 1970s, the day to day evolution of technology has shaped the modern society by introducing globalized communication. The UK mobile phone network industry is developing day by day by introducing the new-tech systems in the market. O2, Vodafone, EE, T-Mobile, and Orange are the biggest mobile phone network providers in the UK (Rushton, 2012). This report has presented a thorough economic analysis of mobile phone network industry in the UK, considering the biggest network providers in the country.

ANALYSIS OF MOBILE PHONE OPERATORS IN UK

Mobile Phone Network ...

INTRODUCTION

In order to come up with effective and efficient strategies, it is important to understand the dynamics of different market structures. Different market structures have different characteristics and features and operate differently. In this report, an attempt has been made to understand the different market structures and comments have been made on the different features and characteristics of these market structures.

MARKET STRUCTURE

A market is a group of individuals, firms and economic agents, who have interaction with each other as a buyer and seller. In economics market structures are defined into four main types, and that are perfect competition, monopolistic competition, monopoly, ...

There are four main market structures namely monopolistic competition, perfect competition, monopoly, and oligopoly. Perfect competition denotes situation where there are many sellers without variation within the product, no influence, or effect on price, and no price tag to exit or enter the market. Monopolistic competition market is the most common category of market structure. Monopolistic competition denotes many sellers with slight price variations within the product, less influence on cost that rely on advertising, and a low entry cost to the market. Oligopoly denotes market structure with few sellers having different products, actual cost of entering the market itself ...

Following the American Psychological Association’s Guidelines

Introduction Pricing strategy is an important decision for the companies. Price means the agreement or the balance point between suppliers and demanders. In another word, price exhibits who is (are) stronger in the market; it is the most important indicator in the market. The price occurs depending on the strength of the side in the market. The companies would like to have more power, and having more power in the market happens through controlling the price. Thus, if a company or a group of companies can control the market price, then they get the monopoly or oligopoly power. Subsequently, controlling ...

The fundamental rule of economics is that it is a study of interaction of various market forces for utilization of the limited resources towards the satisfaction of unlimited demands of the society. The interaction and power of the forces of demand and supply determines the nature of the market. Microeconomics is the study which deals with the interaction of the individual demand and supply forces. The nature of such interaction and the relative influence of demand and supply forces would determine the kind of competition that exists in the market i.e., perfect competition or imperfect competition. The paper has been ...

Economics 15: Research paper

Markets – late 19th Century/early 20th Century Monopoly, Oligopoly and Trusts The late 19th - early 20th century was the time of rapid development of American industry. In 1895, the majority of industries were competitive with no dominating companies. As a result of intense competition, many weak and small companies “disappeared”. Large and successful capitalistic associations based primarily on a system of participation got the name of trusts and corporations. One after another, the industries occurred in the hands of small groups of entrepreneurs, who used any methods to achieve complete control over these sectors of the economy. By 1904, ...

A market is a system through which the buyers and sellers of a product interact. Markets can be identified by the product it deals in. For example market for computer software, market for crude oil etc. Markets can also be distinguished by the geographical expanse like the local market or the international market for a product. In economic analysis it is more important and more usual to classify markets in terms of the degree of competition present in the market. In this mode of classification we consider two forms of market, the buyer’s market and the seller’s market. In ...

Introduction

Amazon.com is an American online electronic commerce company based in Seattle and is the largest online based company in the United States of America. Initially, the firm started as an online book store, but later it diversified to include videos, DVDs, MP3 downloads, video games, software and electronics among others. The company also offers consumer electronics such as kindle fire tablets, fire phone, fire TV, and Amazon Kindle e-book readers and it is the largest global provider of cloud computing services. The company was founded by Jeff Bezos as the president, chairman and CEO in the year 1994 (Stone ...

Global Media and New Technologies

Free speech concentrates on the legal constraints on expression and other issues of state censorship. The concept also entails constructive obligations on the state to create the conditions for miscellaneous public communications. This paper will explore free speech, global regulations, and new media technologies. Tree speech entails the campaign for diversity in modes of address, audience, topics, and speakers. To acquire the industry dynamics and media regulations, there is a need to have free speech. McChesney (2009, p.11) says that the realm of media is on the brink of profound transformation. In the past, media levels were on a primary ...

Introduction

Price elasticity of demand is applied in determining pricing decisions. The nature and value of price elasticity determine a firm's profit maximising strategy; increasing or reducing price. The nature of particular markets makes principal-agent problem an inherent feature and companies must design appropriate measures to deal with the problem. Markets can be categorised into four depending on the number of firms, behaviour of the firms, among other factors. This paper explains the concept of price elasticity of demand, principal-agent problem and market structures. In addition, it explores how these features are reflected in the market for natural gas in Arizona. ...

Introduction 2

The City Economy 3 The High-Technology Products Industry 4 The Service Industry 7 The Construction Industry 8 The Public Services 8 Conclusion 9

References 10

MARKET STRUCTURES IN THE CITY Introduction The city has four main sectors: 1) high-technology products industry, 2) service industry, 3) public services industry and 4) construction industry. Because the city could gather some innovative people thanks to the developing high-technology products producers in the city, the city is attracting new people every other day. The attractiveness of the city is enlarging the population of the city. The migration ...

Market analysis is mandatory for every organization that decides to introduce its product into the economy. A thorough analysis helps to examine the various aspects of the economy, such as domestic and international demand and supply, barriers in the business and production costs. The apogee of the investigation describes the structure of the market in which the product resides. The paper explains the features of four market structures, namely, perfect competition, monopolistic competition, monopoly and oligopoly, while providing demonstrative examples of each structure. Furthermore, the paper identifies several other economic features, a few of which are; the change in price ...

Economics Experiment

Important to note that there might arise some factors that influence the firm’s desire to cheat and the same are discussed below: i)Prevailing Economic Conditions: It is said that the recession is the biggest enemy of collusion as at the times of poor economic condition, even firms operating under collusion are not able to generate sufficient sales and this leads to excess supply in the market. Hence, each firm, even if it is operating under the cartel, will try to avoid the profit reductions through price reductions and thus, they will gain sales at expense of their ...

Economics experiment

In this research paper, we will study the behavior of the two firms operating under oligopoly market. In other words, our research will be based on the Game Theory so as to examine the strategic behavior of the firms in an oligopoly market which we call Prisoner’s Dilemma. This economic research will help us in understanding the behavior of the firms competing under oligopoly conditions. Question: Since we all know that oligopoly market structure operates with a small number of sellers who are highly interdependent on their competitor’s pricing policy and most importantly each of the firms ...

Microeconomics

Answer 7) Allocative Efficiency: This is an economic efficiency where the producers try to satisfy the maximum want of the consumers. In other words, when the society achieves optimal distribution of goods and services, taking into account the preferences of the consumer, it is said to be allocative efficient. In the economic literature, it is defined as an economic state where the price of the product equals its marginal cost as at this point the price which the consumers are willing to pay is equivalent to the marginal utility they get from the product. Below is the ...